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Yahoo
3 days ago
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Ukraine Reforms Tracker Weekly — Issue 27
Editor's note: This is issue 27 of Ukrainian lawmaker Yaroslav Zhelezniak's weekly "Ukraine Reforms Tracker" covering events from May 19–May 25, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Ukraine approves roadmap for customs reform planning amid implementation deadlock Ukraine's Cabinet of Ministers, following a proposal by the Finance Ministry, has approved the development of a medium-term action plan for customs reform implementation under the National Revenue Strategy through 2030. The move comes despite mounting criticism from civil society and lawmakers that the government has deliberately stalled customs reform for over five months — specifically by failing to form the selection commission required by law and the International Monetary Fund's financial support program to reboot the State Customs Service. Zelensky submits bill to establish two specialized administrative courts in Kyiv Ukrainian President Volodymyr Zelensky has submitted draft law #13302 to parliament, proposing the creation of a Specialized District Administrative Court and a Specialized Administrative Court of Appeal, both to be headquartered in Kyiv with nationwide jurisdiction. Parliament is set to vote for the draft law in the first reading during the next plenary meetings scheduled for June 3-5. According to the explanatory note, the bill has been prepared to implement the legal framework for launching the two new courts. The proposal follows prior approval by the High Council of Justice, which endorsed the president's initiative to formally establish the courts and begin operational planning. The courts are expected to play a central role in handling public administration and anti-corruption cases, including high-profile disputes involving state institutions. Ukrainian parliament to review bills linked to Ukraine Facility in early June The Verkhovna Rada, Ukraine's Parliament, is scheduled to hold its next plenary sessions from June 3–6, with a legislative agenda that includes several bills tied to the country's commitments under the EU-backed Ukraine Facility program. Among the priority bills: draft law #13165 and alternatives on improving judicial integrity declarations (first reading); draft law #12377 on establishing the fundamentals of national housing policy (first reading); draft law #9363 on the digitalization of enforcement proceedings (repeated second reading); draft law #12374-d on the restart and strengthening of the institutional capacity of the Asset Recovery and Management Agency (ARMA) (second reading). In addition, lawmakers are expected to consider in second reading draft law #13018-d on financial inclusion, which would allow the establishment of banking services via Ukrposhta. While not a binding obligation, the legislation is part of Ukraine's soft commitments under its IMF memorandum. Ukraine projects steady economic growth, slowing inflation through 2028 in budget forecast A draft of Ukraine's medium-term budget declaration, obtained by the Parliament's Temporary Investigative Commission on Economic Security outlines moderate economic growth and a gradual decline in inflation through 2028: Nominal GDP is projected to reach: Hr 10.44 trillion ($251.3 billion) in 2026, Hr 11.92 trillion ($287.0 billion) in 2027, and Hr 13.47 trillion $324.4 billion) in 2028. Annual inflation (Consumer Price Index) is expected to decline from 9.7% in 2026 to 7.1% in 2027, and 5.6% in 2028; End-of-year exchange rate is projected at: 43.7 Hr/dollar in 2025; 44.8 Hr/dollar in 2026; 45.3 Hr/dollar in 2027; 45.8 Hr/dollar in 2028. The draft is part of Ukraine's annual fiscal planning cycle. The Cabinet of Ministers must adopt the declaration by June 1, though figures remain subject to revision in the final version. Read also: Ukraine, US officially launch joint Reconstruction Investment FundWe've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Business Mayor
16-05-2025
- Business
- Business Mayor
Top cryptos to buy as Ukraine plans strategic Bitcoin reserve
Ukraine lawmaker to introduce a bill on strategic Bitcoin reserve Analyst says crypto growth opportunity greatly underestimated Bitcoin Pepe soars as investors look for other opportunities Ukraine is looking to join the global race towards a strategic Bitcoin reserve, according to a local report citing Ukrainian member of parliament Yaroslav Zhelezniak. When introduced, the proposal will seek to establish a Bitcoin reserve with help from global crypto exchange Binance. The country's move comes as the crypto market gets massive traction, with Bitcoin exploding to above $100k again to return bullish belief to the market. With geopolitical and global trade tensions cooling off significantly, analysts are calling for new momentum for risk assets. Bitcoin and Ethereum, the top two coins by market cap, sit at the top of the narrative. This is as investors, buoyed by overall sentiment and regulatory developments in the United States, eye what crypto may be a great buy today. A market free of the uncertainty of tariffs and regulations has risk appetite back and Anthony Scarammucci, it may yet be too early for investors. Binance backs initiative Local reports on Thursday are that Ukraine is eyeing a key proposal that would allow for the creation of a national Bitcoin reserve. Binance, which is a major player in the crypto space, will back this strategic Bitcoin reserve. While a bill to this effect is yet to make it to the floor of Ukraine's parliament, its introduction, expected to be soon, will add a new dimension to something that's already a global trend- Bitcoin adoption. Yaroslav Zhelezniak says the initiative will exclusively be on the hodling of Bitcoin – not a crypto reserve. But more importantly, Ukraine could become the first European country to create a SBR. But the bill, if passed, has more than a state-owned BTC reserve in place. It speaks to a shift that points to regulator clarity. This same outlook is getting traction across the US and in other countries. Notable developments have included reports of strategic Bitcoin reserve proposals in Brazil, Russia, Taiwan and Sweden among others. Bitcoin and the crypto market: Is it too early to buy? The trend, combined with Binance's growing footprint as a crypto partner for several countries including Kyrgyzstan and Pakistan, augurs well for cryptocurrency as a whole. Governments focused on regulatory clarity is why some analysts say its early for investors. Scaramucci commented on the impact of such an outlook for Solana and Bitcoin while at Consensus 2025. He says the market may not be 'bullish enough'on Bitcoin and Solana. 'We may not be bullish ENOUGH!' Anthony Scaramucci speaks on Bitcoin & Solana: — Altcoin Daily (@AltcoinDailyio) May 15, 2025 According to the Skybridge Capital founder, crypto is on the cusp of exposive investment. BTC and SOL stand out, with factors such as capital inflows from Wall Street key. Exchange-traded funds (ETFs) that have attracted billions of dollars in inflows sets the bullish tone. In Scaramucci's view, crypto's growth potential may well be massively underestimated. Whales scooping up millions of coins at recent lows highlight this outlook. Nearly 1 million #Ethereum $ETH have been withdrawn from exchanges in the past month! — Ali (@ali_charts) May 15, 2025 Bitcoin Pepe soars as investors look for other opportunities While countries hone in on national strategic Bitcoin reserves, Interest in crypto goes beyond BTC and ETH. The $3 trillion market has major altcoins such as Solana, XRP and Cardano that continue to attract noticeable attention. However, interest in new tokens like Bitcoin Pepe is massive due to the potential for turning early bids into staggering returns. Investors looking for the next gem leverage predictions for memecoins, decentralized finance, real-world assets, AI and decentralized physical infrastructure. Bitcoin Pepe, a project set to bring memecoins to Bitcoin's $2 trillion market, has accelerated through a presale that so far boasts more than $8.2 million raised. As a layer 2 meme for BTC, Bitcoin Pepe has another key feature – it boasts the speed and low fees of Solana.
Yahoo
15-05-2025
- Business
- Yahoo
Ukraine Reforms Tracker Weekly — Issue 25
Editor's note: This is issue 25 of Ukrainian lawmaker Yaroslav Zhelezniak's weekly "Ukraine Reforms Tracker" covering events from May 5–May 11, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Ukraine misses customs reform deadline, jeopardizing IMF commitments Ukraine's government has failed to launch the reboot of the State Customs Service, risking a key International Monetary Fund structural benchmark and putting up to $1.3 billion in international aid at risk. Despite a legal requirement to form a selection commission for the new head of customs by Jan. 1, the Finance Ministry has not acted. According to MP Yaroslav Zhelezniak, the delay is being orchestrated by Finance Minister Serhii Marchenko and the Government Committee led by Economy Minister Yuliia Svyrydenko, reportedly under direct instructions from the President's Office to block the reform. The continued inaction not only violates Ukrainian law but undermines commitments to the IMF, U.S., and World Bank, who have already disbursed funding tied to the reform. The IMF deadline for appointing a new customs chief by end-June 2025 is now considered unrealistic, raising the risk of future funding being withheld. G7 backs ARMA reform bill, but parliament fails to add it to agenda again The G7 ambassadors have voiced support for draft law #12374-d, aimed at overhauling Ukraine's Asset Recovery and Management Agency (ARMA). The bill was developed under the leadership of MP Anastasiia Radina and is required under the EU's Ukraine Facility program. Despite international backing, the bill was not included in this week's parliamentary agenda. Ukraine already missed the March 31 deadline for passage, putting 300 million euros in EU funding at risk. Moreover, ARMA publicly questioned the bill, claiming international partners had raised concerns — an assertion at odds with the G7's public endorsement. Ukraine ratifies U.S. critical minerals agreement, advances supporting legislation On May 12, Ukrainian President Volodymyr Zelensky signed the ratification of the critical minerals agreement between Ukraine and the United States, following unanimous support from all parliamentary factions. Last week, parliament also passed in the first reading draft law #13256, which introduces amendments to the Budget Code to implement the agreement's provisions. Read also: Ukraine, US sign additional agreements for minerals deal, Economy Ministry says We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
13-05-2025
- Business
- Yahoo
Parliament backs amendments for implementing US minerals deal in 1st reading
The Ukrainian parliament supported Budget Code amendments to implement the minerals agreement with the U.S. in the first reading, lawmaker Yaroslav Zhelezniak said on May 13. This marks another step toward enacting the wide-ranging and long-contested economic agreement between Ukraine and the U.S. The minerals deal, signed on April 30 and ratified by Ukraine on May 8, establishes a Reconstruction Investment Fund jointly managed by Kyiv and Washington and gives the U.S. special access to projects developing Ukraine's vast deposits of critical minerals, including lithium, titanium, and rare earth elements. "Amendments to the Budget Code are needed to implement the provisions on funding the U.S.-Ukrainian Reconstruction Investment Fund," lawmaker Roksolana Pidlasa said. Ukraine's contribution will consist of half of the funds received after the agreement enters into force and will be sourced from rents for resource extraction under new licenses and issuance of new permits, the lawmaker added. The changes were supported by 286 lawmakers, Zhelezniak said, adding that the deadline for submitting additional amendments was cut short. Ukrainian legislation has to pass two readings in the parliament and receive presidential signature before entering into force. Read also: 'Not what Putin was expecting' — What we know (and don't know) about Ukraine, Russia peace talks in Istanbul We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
13-05-2025
- Business
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Ukrainian Parliament approves amendments to Budget Code to launch minerals deal with US
The Verkhovna Rada (Ukrainian Parliament) has supported, as a basis, the draft law amending the Budget Code to implement the agreement on minerals deals between Ukraine and the United States. Source: Yaroslav Zhelezniak, First Deputy Head of the Verkhovna Rada Committee on Taxation and Customs Policy Details: A total of 286 MPs voted in favour of the draft law No. 13256 in the first reading. Amendments to the Budget Code are needed to fill the US-Ukraine Reconstruction Investment Fund, established under a bilateral agreement. Ukraine's contribution to this fund will be formed from 50% of the revenues received after the agreement enters into force from: royalties for the extraction of oil, gas, gas condensate and other minerals from new licences; issuing new special permits for mineral use; selling the state share of production under new production sharing agreements. These funds will be credited to a special fund of the state budget, from where, at the decision of the main spending unit (likely the Ministry of Economy), they will be transferred to the Reconstruction Fund. Roksolana Pidlasa, Chair of the Verkhovna Rada Budget Committee, said that if the agreement were to be in effect from 2019, Ukraine's contribution to the fund could amount to more than UAH 3 billion (approx. US$72.38 million) over five years. Background: On 1 May, Ukraine's Economy Minister Yuliia Svyrydenko and US Treasury Secretary Scott Bessent signed the minerals deal. "Together with US Treasury Secretary Scott Bessent, I have signed the agreement on the establishment of the United States-Ukraine Reconstruction Investment Fund," Svyrydenko wrote. The Ministry of Economy of Ukraine had published the text of a memorandum with the United States on the completion of a formal agreement on economic partnership and a Reconstruction Investment Fund. The text was published on the website of the Ministry of Economy. It states that the agreement will provide for the creation of an investment fund for Ukraine's reconstruction. On 8 May, the Verkhovna Rada voted to ratify the agreement on establishing a joint investment fund between Ukraine and the United States. All 338 MPs voted in favour, with none of them abstaining or voting against ratification. On 12 May, Zelenskyy signed the ratification of the mineral agreement with the United States. Support Ukrainska Pravda on Patreon!
